Market decline

Waves to impress continuously; spike in TVL despite market decline

Total value of a side locked in the whole DeFi space collapses at the same time TVL in the Waves protocol is constantly increasing

Since the beginning of this year, it has brought all the goods into the Waves protocol basket, as reports indicated that the protocol had gained almost 79% of its total value locked since the first day of 2022. Waves’ TVL was of about $1.33 billion in January. 1, 2022, peaked and reached $2.39 billion on March 10.

Protocols including Neutrino (NSBT), which has a blocked value of over $1.3 billion, decentralized loans, Vires Finance (VIRES) with a blocked value of over $760 million, Waves Exchange with approximately $140 million dollars and Swop (SWOP) with approximately $18 million in total value locked ultimately helped improve the TVL of the Waves blockchain.

Although other than the big players mentioned above, several smaller players that have contributed to the total value locked in the Waves protocol include Puzzleswap, a decentralized exchange; waves duck, a well-known non-fungible game, and even an NFT market called SIGN Art.

In March, the Waves TVL protocol exceeded $2 billion due to the contribution of these applications and platforms. The waves in terms of TVL left behind important networks like Polkadot (DOT), Near Protocol (NEAR), EOS (EOS), Cardano (ADA), Algorand (ALGO) and Osmosis (OSMO).

Along with these recent achievements on Waves, the protocol was announced on Twitter, indicating that blockchain fans can expect a huge airdrop event around the third week of March, which is March 14 to March 18. Entrants will have a chance to get several different Waves-based tokens, each assigned to single online activities.

Although with the announcement, a condition was also placed regarding participation, namely that only members of the Telegram community will be eligible for the event.

Unsurprisingly, the increase in total value locked in the Waves protocol positively impacted the price of its native digital asset, WAVES. Now, WAVES is among the top 50 cryptocurrencies by global market capitalization with a market capitalization of over $2.9 billion.

Waves have gained around 110% in value by comparison since the start of the year. The WAVES price started its journey from $14.55 this year, which hit its annual high of $30.5 recently on March 10.

Waves is a well-known blockchain platform these days in the crypto space that aims to simplify Web 3, decentralized protocols, building apps, and launching blockchain-based smart assets. Waves also has many other specifications such as decentralized exchanges, automated market maker, stablecoin, decentralized lending, and non-fungible token banners.

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Steve Anderson
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